10-KPeriod: FY2020

Rocket Lab Corp Annual Report, Year Ended Dec 31, 2020

Filed March 31, 2021For Securities:RKLB

Summary

This filing is for Vector Acquisition Corporation, a blank check company incorporated in the Cayman Islands. The primary focus of this report is the proposed business combination with Rocket Lab USA, Inc. Vector Acquisition Corporation itself has no operating history or revenues. The company's management team, led by Alex Slusky of Vector Capital, is experienced in technology investments. The business combination with Rocket Lab is expected to close in the second quarter of 2021, subject to closing conditions. Key financial aspects include approximately $320 million available in a trust account to fund the business combination after accounting for offering expenses and deferred underwriting fees. The company also secured $467 million in PIPE financing. The filing details various risks associated with blank check companies, including the potential inability to complete a business combination and shareholder redemption rights. Investors should note that the company is an "emerging growth company" and a "smaller reporting company," which allows for certain reduced reporting requirements.

Financial Highlights

53 data points
Beta

Revenue

$35.16M

-33.6% Gross Margin

Net Income

-$55.01M

-156.4% Net Margin

EPS (Diluted)

$-0.73

Total Assets

$187.87M

Cash & Equivalents

$52.79M

Free Cash Flow

-$52.88M

Financial Statements
Beta
Revenue$35.16M
Cost of Revenue$46.98M
Gross Profit-$11.82M
R&D Expenses$19.14M
SG&A Expenses$23.99M
Operating Expenses$43.13M
Operating Income-$54.95M
Net Income-$55.01M
EPS (Basic)$-0.73
EPS (Diluted)$-0.73
Shares Outstanding (Basic)75.41M
Shares Outstanding (Diluted)75.41M

Key Highlights

  • 1Vector Acquisition Corporation (VACQ) is a blank check company aiming to merge with Rocket Lab.
  • 2The proposed business combination with Rocket Lab is expected to close in Q2 2021, subject to customary conditions.
  • 3Approximately $320 million is held in trust to fund the business combination.
  • 4A PIPE financing of $467 million has been secured.
  • 5The company's management team has extensive experience in technology investments, led by Alex Slusky of Vector Capital.
  • 6VACQ is an emerging growth company and a smaller reporting company, with related reduced disclosure requirements.
  • 7The filing outlines numerous risks associated with SPACs, including potential failure to complete the business combination and shareholder redemption rights.

Frequently Asked Questions

Vector Acquisition Corporation is a blank check company, also known as a Special Purpose Acquisition Company (SPAC), formed with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. It has no operating history or revenues of its own.

Vector Acquisition Corporation has entered into a merger agreement to combine with Rocket Lab USA, Inc., a Delaware corporation. This transaction is expected to result in Rocket Lab becoming a publicly traded company.

As of the filing date, Vector Acquisition Corporation had approximately $320 million in its trust account to fund the business combination. Additionally, the company secured $467 million through a Private Investment in Public Equity (PIPE) financing.

Key risks include the possibility that the business combination may not be completed, which could lead to liquidation of the trust account and a return of capital to shareholders. Additionally, investors face risks related to shareholder redemption rights, potential dilution from future share issuances, and the inherent risks associated with the target company's business (Rocket Lab) post-combination. As a SPAC, it also faces the risk of not finding a suitable target within its mandated timeframe.